Is A Mortgage Right For You?
Buying should be a no-brainer, right? For many, building equity over time instead of "throwing money away" on rent seems like an easy decision. But owning a home requires a great deal of maintenance, funds, and stability. So begin your home buying process by asking yourself, "Am I really ready for a mortgage?"
Use the general pros and cons outlined below to evaluate your readiness to buy. Every investment presents trade-offs and home buying is no different, so weigh your decision carefully.
|Build equity with each mortgage payment.||Considerable down payment often required.|
|Mortgage payments will not fluctuate like rent.||Insurance often required, which may rise.|
|Free to modify the home's interior and exterior.||HOAs may impose limits on modifications.|
|Tax deductions may be applicable.||Property taxes must be paid and may rise.|
|Appreciation means profit if/when you sell.||Limited mobility.|
The Affordability Calculator (filed under Mortgage Calculators on your side menu) is another helpful resource which can help you determine your financial readiness for a mortgage.